Nifty-EOD Chart(24-Feb-2012):-
1- Strong support and base formation between 4532-4670
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
One Resistance of 2012 Rally
1- Resistance through 3 days selling between 5588-5625
Nifty got support through consolidation in 7 ranges and staged 1098.80 Points run away rally in 45 sessions. Now correction is on after 3 days good selling between 5588-5625 and market requires complete consolidation for fresh rally. It is confirm that Nifty will get support at any one of above support ranges and breaking down of a support range will mean fast down move toward next support therefore above support ranges can be used for long trades after fresh consolidation confirmations and for shorting after formations of distribution patterns within any of above mentioned ranges.
 |
| Just click on chart for its enlarged view |
All 7 Supports of 2012 Rally
1- Strong support and base formation between 4532-4670
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
One Resistance of 2012 Rally
1- Resistance through 3 days selling between 5588-5625
Conclusions from EOD chart analysis
Nifty got support through consolidation in 7 ranges and staged 1098.80 Points run away rally in 45 sessions. Now correction is on after 3 days good selling between 5588-5625 and market requires complete consolidation for fresh rally. It is confirm that Nifty will get support at any one of above support ranges and breaking down of a support range will mean fast down move toward next support therefore above support ranges can be used for long trades after fresh consolidation confirmations and for shorting after formations of distribution patterns within any of above mentioned ranges.